Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 18, 2022

What are the costs involved with buying a home? | Real Estate & Coffee w/Miguel Vidal

What are the costs involved with buying a home?

You will need your deposit which is at least 1% of the asking price.  

Any inspections required such as home inspection and possibly a septic and well  inspections. Home inspection these could run you anywhere between 400 and $700.  

At your closing you will be required to pay your down payment less the deposit, land transfer tax lawyer fee and disbursement fee. These add up to approximately 1.5% of the purchase price needed at closing.

 

Plus regular homeowner expenses such as moving costs transferring utilities etc.

 

www.thehomeguyz.com

Jan. 4, 2022

Should I use equity in my home to purchase real estate as an investment? | Real Estate & Coffee w/Miguel Vidal

 

Real estate investment as a whole is an excellent way to get ahead financially. You must be prepared to hold on to the property for at least five years, in order to see a significant return on your investment. Make sure you have a good team behind you including an agent, lawyer, mortgage broker who will work together to guide your success.

 

The Home Guyz Team

www.thehomeguyz.com

Dec. 21, 2021

Should you be pre-approved or pre-qualified? | Real Estate & Coffee w/Miguel Vidal

 

Should you be pre-approved or pre-qualified?

 

There's a big difference between the two. Pre-approvals are general calculations done by the bank that give you a general understanding of the price of a house you can purchase. It is only a general number and does not include all the credit checks and backing documentation to ensure the financing will, in fact, be available.

Being pre-qualified by a mortgage broker gives you an exact number because it has included all the backup documentation to ensure that your financing will be in place at the time of purchase.

 

 

Therefore it is best to be pre-qualified before starting the purchase of a home.

Dec. 7, 2021

Should I Be Home During Showings? | Real Estate & Coffee w/Miguel Vidal

 

Should you be home during showings?

 

 

No. Do not be home during your showings. It is in everybody's best interest that you are not home for a showing. It is uncomfortable for the agent and buyer to discuss the home freely, and the homeowner may unintentionally share information that could impact the homes negotiation.

Miguel Vidal

www.thehomeguyz.com

Nov. 23, 2021

Should I Buy or Sell First? | Real Estate & Coffee w/Miguel Vidal

 

You should sell your home first. there are too many repercussions with buying something before selling. Having already sold your home gives you the money and thus more leverage to negotiate with if you find yourself in competition for your next home.

 

However there are steps to be taken when selling first:

Extend your closing.

 

Have a backup housing plan in place.

Miguel Vidal

www.thehomeguyz.com

Nov. 9, 2021

How Many Homes Should I Visit Before Deciding? | Real Estate & Coffee w/Miguel Vidal

 

How many homes should you see before buying a house?

 

Once you have had a chance to assess your needs and wants with your realtor you should then have an idea of what you're looking for within seeing five to seven properties.

 

Anything more than 10 properties and you need to reassess with your realtor, you need to ensure that they understand your criteria as you don't want to waste your time or theirs.

 

Miguel Vidal

www.thehomeguyz.com

Oct. 26, 2021

When is the best time to list your home? | Real Estate & Coffee w/Miguel Vidal

Episode 2
When is the best time to list your home? 


The best time to list is when you have zero to no competition in your area. That's when you will demand the most amount of money for your house. There's a misconception about listing in the spring, but real estate works on supply and demand and the best time to list is when you have the upperhand on supply. There will be buyers year round because everyone's situation is different.

 

So, if you don't have a timeline on selling and you want to pull in the most amount of money for your home, list at a time when there is little to no competition, your realtor can assist with that.

Oct. 12, 2021

First Steps of the Home Buying Process | Real Estate & Coffee w/Miguel Vidal

 

 


Episode 1
What are the first steps of the home buying process?

 

Your very first step is to speak to a bank or a mortgage broker. This isn't something that you should guess or assume. And it makes the rest of the process much smoother. 

 

The next step is to sit down with your realtor and discuss all your options within your budget, from there the realtor will guide you through the steps. But always reach out to the bank or mortgage broker as your very first step.

 

Catch more of our Real Estate & Coffee Series here

 

 

 


April 28, 2021

The First Step to Property Investment - I Want To Invest, Now What

Property Investments

 

Have you been considering real estate investing but aren’t sure where to start? There is no doubt that you have heard how much of Canada’s wealth stems from real estate. It’s a hugely successful area of investment, and it’s relatively easy in comparison to playing the stock market which can be far more complicated and volatile.  If it’s something you have thought about and don’t know where to begin, this is the place. The Home Guyz always want to see successful investors and they know the old saying, If you fail to plan, you plan to fail. These are the very initial steps you should take if you’re considering. It isn’t a how-to more of a where to begin.  The most important thing to understand if you’re considering real estate investing and becoming a landlord is that it takes time, you must understand that property investment isn’t a way to get rich fast, but rather a high-performing investment that grows consistently over time.

Here are 5 steps to get you started with the real estate investment process, because remember; fail to plan is planning to fail.

Step 1: Set Clear Goals. Make your goals clear, not just “I want to make money” have a target number that you want to reach by a certain time. Is this a five year goal, a 10 year goal or maybe something you want to use in retirement. Have a clear outline of why you want this, and your goal timeline.

Step 2: Make Time. Depending on how you plan on investing will depend on the amount of time you need to put towards it. But one thing is clear, despite how you inves whether short term rentals, apartment landlords etc. all of it will take some of your time. So make sure you have time to give to the process. You may think that hiring a property manager will mean that you don’t have to put in the time, but that’s just not true. The process, especially at the start is time consuming. Consider the initial time consuming things to include:
-research
-bank meetings 

-lawyer meetings 

-finding and viewing property

-managing properties or the property manager

Step 3: Do Your Research. Do you fully understand all the financial elements? Gross yield vs net yield? how will this affect your taxes and what you’ll pay in capital gains? Do you understand the power of leverage- or do you know where and who to ask for help? You need to have a full understanding of all of this before you proceed with investing. These can be very very expensive lessons to learn along the way. Knowledge is power when it comes to real estate investing. 

Step 4: Create Your Budget. Like buying any house, you need a solid budget and you need to understand what you're budgeting for. To start with your budget, it’s smart to speak with a professional, but in general you’ll need to have the money up front to pay for your deposit, lawyer fees, agent fees, taxes, and of course you’ll need contingency money for emergencies that may arise. The difference with a budget for real estate investing is that the budget you have must be over and above your own household and life expenses, so you’ll need to ensure that you have a solid grip of all of your regular expenses to ensure that the money you are using is able to be spent over and above your regular budget. So you must have a solid understanding of your existing financial situation. Which leads us nicely into our next point…

Step 5: Speak With A Mortgage Broker: You’ll want to understand what lending options are available to you, and what the various options are. A professional is the best way to go. Do not look for these options on the internet, this information will not be accurate to you and your situation, you don’t want to base your budget around a lending option that may not be available to you! Check out a Mortgage Broker we recommend.

Step 6: Finalize Your Personal Preferences (Now is a good time to look back at your goals!) You’ll need to be clear on what you want your property investment to be. Knowing what you want your goals to be will lead you into the type of property that will make that happen. Ask yourself all the questions...do you want a higher income or a higher yield? Do you want short term rental? Do you like the idea of a condo or does the lack of control not something you want to deal with? How hands-on do you want to be? What location are you looking for? And of course budget, which will immediately narrow many options and areas. All of these questions and factors are areas that you must be clear on, you must be able to answer these questions. This is a very good time to contact The Home Guyz as they always know the best areas and options, they know the right questions you need to ask, which leads us into the next step.

Step 7: Contact Your Real Estate Salesperson. You’ll need assistance with finding rental prices. This isn’t guess-work or even information you should pull from the internet. You will want to speak with actual rental agents who can let you know the prices you can get for certain renal properties. Plus an agent will have a good understanding of the demand and you’ll want to know listing prices vs. actual sold prices. They can talk to you about rental yields, days on market, vacancy rates and other factors you just can’t find without a professional. These are all factors you must take into consideration in order to be a successful landlord and real estate investor. Your agent can assist you with your preferences outlined in the previous step and they can help narrow your search, or even better, perhaps open up some great opportunities you perhaps weren’t aware of! They can help you identify risks you perhaps hadn’t thought of and work with you to find smart ways to overcome them.  Looking for a Realtor®


Investing in Real Estate is rarely a bad idea. It’s a good way to confidently grow your investment portfolio, and build long term wealth. But it is not risk free. Be prepared, The Home Guyz would love to discuss with you investment opportunities in the Ottawa area and beyond. 



Posted in Financial, Investments
March 19, 2021

Thinking about buying a home during a sellers market in Ottawa

Sellers Market in Ottawa

 

BUYING IN A SELLER’S MARKET
4 Tips to creating a successful buying strategy with The Home Guyz Team at Solid Rock Realty

 

2020 was a busy year for Real Estate and home sellers found themselves with the upper-hand. 2021 is shaping up to be no different and is quickly proving itself to be another highly competitive year for property sales. With demand outstripping supply, pushing prices to rise, it’s a difficult and exhausting climate to navigate as a buyer It can feel overwhelming. There is no need to be discouraged. The Home Guyz have experience and tips to build your strategy that will steer you through the process. While you may not nail-it on your very next bidding war, you'll certainly be more prepared for the cut-throat market and set up for success to secure the home of your dreams in the long run.

1) Be Prepared Financially.
You must have your pre approval ready, it’s an automatic deal-breaker. Being prepared with your pre approval paperwork and your deposit (bring a certified cheque) shows the seller that you’re a serious buyer. Remember that if you offer is accepted and you choose to back out you will lose your deposit, so always make sure that you’re serious and ready to move forward. The seller needs to know that you’re committed and motivated to close the deal quickly and have all funds and paperwork ready to go is the best way of showing you’re committed. 

By looking at properties that are selling 10k lower than your top price (the price you are pre- approved for) this allows you some wiggle room at negotiation time, if you want to be able to up your offer in negotiations. It will also ensure that you keep your mortgage payments within a comfortable budget. 

If you plan to sell your home in order to buy, you need to ensure that you have placed your home on the market first. The seller is motivated to get a buyer and any hesitation on your part can make or break the deal. The seller is looking for a smooth transition, and any hesitation on your part equals a delay or uncertainty for them, so get your home on the market in order to maintain the domino effect.


2) Know What You Want, and Where You Can Compromise  
The more you know about what you're looking for, the easier it is to make a compromise. Are you looking for a newer home? Then perhaps you can consider removing the home inspection in order to give less contingencies in a bidding war.


If you know that 2 parking spaces is a must, then ensure you’re only looking for that and not getting caught up and invested in a property that doesn’t have what you need. Maybe you can consider fewer bedrooms or perhaps moving a little farther out. In a sellers market, price is rarely something you can trade-off, so you need to take a look at the areas you are willing to negotiate on, and what are non-negotiables for you. This helps you and your agent narrow down to properties that you’re more likely to succeed with both in a bidding war, as well as your happiness with the property. The more you know what you want, the easier it is for you and your agent to build your strategy.

It can be a very emotional process, and often it’s easy to get caught up in the speed in which the process moves. In this competitive market, you will see buyers removing and negotiating the contingencies in their offers in order to be competitive. you don’t want to be making compromises and big decisions in the heat of the moment when emotions are high and bids are on the table. Make sure you know your comfort level and where you’re willing to compromise before moving forward into the eye of the storm. 


3) Be Ready to Act Fast.
Houses today and not on the market for long, they wait for nobody. So be prepared to act fast.This means, you may have to arrange your schedule to allow for viewings (virtually if needed), gather all the info beforehand and make sure you find the time to review all the details before the viewing. Make sure you do this all quickly, failing to review and view as soon as possible can result in a lost opportunity. The seller will always favor someone who is ready to move quickly. This ties into the last point of knowing what you want, this is no time for hesitation.


4) Work with an Experienced Agent Who Knows The Area
Knowledge is power! The Home Guyz can tell you what similar properties are selling for in the area. It’s important to always work with an agent who knows the community and market well and can let you know what areas and features your money can buy. This in-depth knowledge of the area, and how the market has been operating will allow you to bid smart, aggressively and with confidence. 
If it comes time to re-evaluate your options, then an experienced agent can always give you the next-best option for you (which in our experience always turns out as the better option- it always works out for the best in the end!)
Working with an agent also helps keep you in check, a good agent will steer you away from a home or area that won’t be beneficial, or help keep your contingencies in check when your emotions take over. They won’t allow you to buy out of your comfort zone or into an area with a poor school district. 


Buying a home in a seller’s market can be fierce, but it isn’t impossible and don’t be discouraged. While it will feel overwhelming, being prepared is the best way to ensure that you feel confident with the process. Be prepared: financially, with your strategy, and with knowledge and you’ll feel confident and ready to make all the right moves to secure your next home. And of course, The Home Guyz would be happy to help you every step of the way!